The Sky Bet Championship side have been up for sale since 2015 and Press Association Sport understands they will confirm the buy-out shortly
Fosun International has links with super-agent Jorge Mendes who represents Jose Mourinho and Cristiano Ronaldo.
Owner Steve Morgan was looking for around £40million after putting the club on the market and quitting as chairman
Chief executive Jez Moxey has been managing the club on a day-to-day basis and could stay at Molineux despite the change of ownership
Morgan bought Wolves for £10 from Sir Jack Hayward in August 2007 with the promise of investing £30million into the club
The future of manager Kenny Jackett, who is currently in Ireland with the squad, is in doubt
The 54-year-old is understood to have told the team earlier this month that the takeover was going ahead and he had been given no assurances over his future
Wolves finished last season 14th in the Championship, their second season back in the division after winning Sky Bet League One in 2014
Source : PA
Source: PA